Insurance is an arrangement where an individual pays a company money and the company pays money to the individual if something unpleasant occurs, such as property damage or illness. Insurance protects against unexpected losses or expenses through a system where risks are shared. There are two main types of insurance - life insurance and non-life insurance, with the latter including types like motor vehicle, fire, health, and marine insurance. Insurance serves the dual purposes of providing security against short-term losses and supporting long-term national growth through capital formation.

1. INSURANCE-CONCEPT AND TYPES
Vishal Jain

2. MEANING
Insurance is an arrangement in which you pay
money to a company, and they pay money to you if
something unpleasant happens to you, for example
if your property is stolen or damaged, or if you get a
serious illness.

3. CONCEPT
Insurance is a type of financial arrangement that
helps individuals, businesses and other
organizations protect themselves against
unexpected or unpredictable losses or expenses.
Insurance can protect against a variety of losses or
damage such as personal injury and property
damage.

4. • Two Parties
• Based on the Utmost Good Faith
• Based on Cooperative System
• Free from Expected Risk
• Various Types of Insurance
• Ownership Not Compulsory
CHARACTERISTICS

5. IMPORTANCE OF INSURANCE
• Provides protection against the loss
• Eliminates risk
• Co-operative method of sharing the loss
• National importance-by capital formation
• Provides employment
• Medical support

6. TYPES
Two types
i. Life insurance
ii. Non-life insurance
a) Motor vehicle insurance
b) Fire insurance
c) Health insurance
d) Marine insurance
e) In addition a number of other types of subjects are
being added into the list day by day to cover different
types of risks.
In others words we can say that the list is not exhaustive.

7. LIFE INSURANCE COMPANIES
• Aviva Life Insurance Co. India Pvt. Ltd.
• Bajaj Allianz Life Insurance Co. Ltd.
• Bharti AXA Life Insurance Co. Ltd.
• Birla Sun Life Insurance Co. Ltd.
• Kotak Mahindra Old Mutual Life Insurance
Ltd.
• Life Insurance Corporation of India
• Max New York Life Insurance Co. Ltd.
• Met Life India Insurance Co. Ltd.

8. NON-LIFE INSURANCE
COMPANIES
• Bajaj Allianz General Insurance Co. Ltd.
• Bharti AXA General Insurance Co. Ltd.
• Reliance General Insurance Co. Ltd.
• Tata-AIG General Insurance Co. Ltd.
• Shriram General Insurance Co. Ltd.
• ICICI Lombard General Insurance Co. Ltd.
• IFFCI Tokyo General Insurance Co. Ltd.
• HDFC ERGO General Insurance Co. Ltd.

9. PURPOSE OF INSURANCE
Twofold purpose
1. Short term: to give security of loss and
individual investment
2. Long term: to accelerate the growth of the
nation through capital formation
Thus we can say that insurance is one of the
means of furthering the object of welfare
State

10. THANK YOU